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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of the Contractual Maturities of Our Investments in Debt Securities Measured at Fair Value

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of December 31, 2024:

			Maturities by Period
			Total						Less Than 1 Year						1-5 Years						6-10 Years						More Than 10 Years
Fair value of debt securities			$	668.8					$	95.2					$	225.5					$	93.3					$	254.8

Summary of the Fair Value of Available-for-Sale Securities in an Unrealized Gain or Loss Position

A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position follows:

			2024						2023
Unrealized gross gains			$	1.6					$	3.4
Unrealized gross losses			43.2						37.9
Fair value of securities in an unrealized gain position			142.6						159.2
Fair value of securities in an unrealized loss position			491.2						452.0

Schedule of Fair Value Information, Assets

The following table summarizes certain fair value information at December 31, 2024 and 2023 for investment assets measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments:

															Fair Value Measurements Using
			Carrying Amount						Cost(1)						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
December 31, 2024
Cash equivalents(2)			$	1,506.9					$	1,506.9					$	1,494.1					$	12.8					$	—					$	1,506.9
Short-term investments:
U.S. government and agency securities			$	29.2					$	29.3					$	29.2					$	—					$	—					$	29.2
Corporate debt securities			65.3						65.4						—						65.3						—						65.3
Asset-backed securities			0.6						0.7						—						0.6						—						0.6
Other securities			59.7						59.7						—						16.7						43.0						59.7
Short-term investments			$	154.8
Noncurrent investments:
U.S. government and agency securities			$	140.2					$	156.4					$	140.2					$	—					$	—					$	140.2
Corporate debt securities			211.4						225.0						—						211.4						—						211.4
Mortgage-backed securities			165.3						177.2						—						165.3						—						165.3
Asset-backed securities			56.7						57.5						—						56.7						—						56.7
Other securities			150.3						102.6						—						6.3						144.0						150.3
Marketable equity securities			485.5						494.6						485.5						—						—						485.5
Equity investments without readily determinable fair values(3)			863.8
Equity method investments(3)			1,142.7
Noncurrent investments			$	3,215.9
December 31, 2023
Cash equivalents(2)			$	1,088.4					$	1,088.4					$	1,079.3					$	9.1					$	—					$	1,088.4
Short-term investments:
U.S. government and agency securities			$	32.1					$	32.3					$	32.1					$	—					$	—					$	32.1
Corporate debt securities			52.0						52.1						—						52.0						—						52.0
Other securities			25.0						25.0						—						13.6						11.4						25.0
Short-term investments			$	109.1
Noncurrent investments:
U.S. government and agency securities			$	148.1					$	161.0					$	148.1					$	—					$	—					$	148.1
Corporate debt securities			214.3						226.6						—						214.3						—						214.3
Mortgage-backed securities			157.3						167.1						—						157.3						—						157.3
Asset-backed securities			53.5						54.4						—						53.5						—						53.5
Other securities			197.4						100.2						—						23.5						173.9						197.4
Marketable equity securities			711.3						493.2						711.3						—						—						711.3
Equity investments without readily determinable fair values(3)			608.0
Equity method investments(3)			962.3
Noncurrent investments			$	3,052.2

(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.

(2) We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.

(3) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.

Summary of Fair Value Information, Liabilities

The following table summarizes certain fair value information for our short-term and long-term debt:

									Fair Value Measurements Using
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
Short-term commercial paper borrowings
December 31, 2024			$	4,337.6					$	—					$	4,319.4					$	—					$	4,319.4
December 31, 2023			6,189.4						—						6,166.4						—						6,166.4
Long-term debt, including current portion
December 31, 2024			29,306.7						—						26,249.0						—						26,249.0
December 31, 2023			19,035.9						—						17,221.7						—						17,221.7

Schedule of Derivative Instruments

At December 31, 2024, our significant outstanding foreign currency forward commitments were as follows, all of which have settlement dates within 180 days:

December 31, 2024

Purchase

Sell

Currency

Amount (in millions)

Currency

Amount (in millions)

Euro

7,522.1

U.S. dollars

7,905.8

U.S. dollars

7,095.3

Euro

6,803.9

U.S. dollars

468.3

Japanese yen

72,355.7

Japanese yen

49,713.2

U.S. dollars

316.1

Schedule of Effects of Risk-Management Instruments Were Recognized in Other–Net, (Income) Expense

The following effects of risk-management instruments were recognized in other–net, (income) expense:

			2024						2023						2022
Fair value hedges:
Effect from hedged fixed-rate debt			$	(16.3)					$	31.5					$	(209.8)
Effect from interest rate contracts			16.3						(31.5)						209.8
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss			7.2						13.5						16.5
Cross-currency interest rate swaps			93.0						(108.6)						8.6
Net losses on foreign currency exchange contracts not designated as hedging instruments			288.3						26.4						191.3
Total			$	388.5					$	(68.7)					$	216.4

Schedule of Effective Portion of Risk-Management Instruments that was Recognized in Other Comprehensive Income (Loss), Net Investment Hedges

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:

			2024						2023						2022
Net investment hedges:
Foreign currency-denominated notes			$	337.9					$	(219.9)					$	324.9
Cross-currency interest rate swaps			16.4						(27.4)						52.0
Foreign currency forward contracts			343.1						(107.1)						(15.4)
Cash flow hedges:
Forward-starting interest rate swaps			53.8						85.6						391.5
Cross-currency interest rate swaps			24.9						15.2						29.8

Schedule of Effective Portion of Risk-Management Instruments that was Recognized in Other Comprehensive Income (Loss), Cash Flow Hedges

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:

			2024						2023						2022
Net investment hedges:
Foreign currency-denominated notes			$	337.9					$	(219.9)					$	324.9
Cross-currency interest rate swaps			16.4						(27.4)						52.0
Foreign currency forward contracts			343.1						(107.1)						(15.4)
Cash flow hedges:
Forward-starting interest rate swaps			53.8						85.6						391.5
Cross-currency interest rate swaps			24.9						15.2						29.8

Schedule of Fair Value, by Balance Sheet Grouping

The following table summarizes certain fair value information at December 31, 2024 and 2023 for risk-management assets and liabilities measured at fair value on a recurring basis:

									Fair Value Measurements Using
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
December 31, 2024
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other current liabilities			$	(2.0)					$	—					$	(2.0)					$	—					$	(2.0)
Other noncurrent liabilities			(117.8)						—						(117.8)						—						(117.8)
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables			10.3						—						10.3						—						10.3
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets			50.7						—						50.7						—						50.7
Foreign exchange contracts designated as net investment hedges:
Other receivables			297.0						—						297.0						—						297.0
Foreign exchange contracts not designated as hedging instruments:
Other receivables			39.5						—						39.5						—						39.5
Other current liabilities			(93.4)						—						(93.4)						—						(93.4)
Contingent consideration liabilities:
Other noncurrent liabilities			(32.3)						—						—						(32.3)						(32.3)

									Fair Value Measurements Using
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
December 31, 2023
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other current liabilities			$	(2.4)					$	—					$	(2.4)					$	—					$	(2.4)
Other noncurrent liabilities			(100.3)						—						(100.3)						—						(100.3)
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets			291.2						—						291.2						—						291.2
Cross-currency interest rate contracts designated as net investment hedges:
Other current liabilities			(28.4)						—						(28.4)						—						(28.4)
Other noncurrent liabilities			(3.5)						—						(3.5)						—						(3.5)
Cross-currency interest rate contracts designated as cash flow hedges:
Other receivables			113.8						—						113.8						—						113.8
Other noncurrent assets			63.1						—						63.1						—						63.1
Foreign exchanges contracts designated as hedging instruments:
Other current liabilities			(115.8)						—						(115.8)						—						(115.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables			129.6						—						129.6						—						129.6
Other current liabilities			(55.9)						—						(55.9)						—						(55.9)
Contingent consideration liabilities:
Other current liabilities			(39.5)						—						—						(39.5)						(39.5)
Other noncurrent liabilities			(64.4)						—						—						(64.4)						(64.4)

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